originalcrashbandicoot| Financial "big bath" by accruing asset impairment? Shanhe Intelligent Annual Report Asked

Yesterday (May 20) morningOriginalcrashbandicootShenzhen Stock Exchange to Shanhe Intelligence (002097) (SZ002097, share price 7Originalcrashbandicoot.32 yuan with a market capitalization of 85Originalcrashbandicoot65 billion yuan) issued an inquiry letter on the 2023 annual report, asking the enterprise to further explain the changes in revenue, impairment of assets, rapid growth of overseas income, changes in foreign assets, liabilities and solvency. Among them, as Shanhe Intelligence made provision for asset impairment losses and the large amount of reversal and resale in the past two reporting periods, the exchange requires listed companies to explain the reasons for the substantial changes and their reasonableness. Whether there is a financial "bath" through a large amount of asset impairment provision and / or credit impairment preparation at the end of the year, whether there is intertemporal adjustment of profits, and so on.

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In the A-share market, as of yesterday's close, Shanhe Smart shares closed at 7.32 yuan, down 9.96% throughout the day.

Was asked whether to adjust profits across periods.

A reporter from the Daily Economic News noted that Shanhe Smart set aside 258 million yuan for credit impairment and 72.8439 million yuan for asset impairment last year, compared with 1.042 billion yuan and 141 million yuan respectively in 2022.

At the same time, Shanhe Intelligent Financial report shows that by the end of last year, the company's book balance of accounts receivable was 7.688 billion yuan, the provision for bad debts was 1.732 billion yuan, the proportion of provision for bad debts reached 22.53%, and 105 million yuan was recovered or transferred back to the provision for bad debts last year. In addition, the paper balance of inventory at the end of the reporting period was 3.401 billion yuan, with a provision of 62.9314 million yuan for inventory decline, and 27.801 million yuan was transferred back or resold last year.

ExceptOriginalcrashbandicootWhether to use asset impairment for financial "bath" or intertemporal adjustment of profits, the Shenzhen Stock Exchange inquiry also requires Shanhe Intelligence to explain the basis and rationality of the proportion of bad debts in each age range of accounts receivable, the recovery or return of accounts receivable to the corresponding object, the time of occurrence, the time of impairment preparation, and so on.

In terms of profitability, according to the 2023 annual report, Shanhe Intelligence realized operating income of 7.229 billion yuan last year, down 1% from the same period last year, of which overseas income was 4.107 billion yuan, accounting for 56.80% of operating income, and overseas income increased by 27.66% over the same period last year. At the same time, net profit reached 35.5834 million yuan, up 103.13% over the same period last year; while deducting non-net profit was a loss of 141 million yuan, up 88.56% from the same period last year.

There is a big difference in gross profit margin at home and abroad.

It is worth noting that in 2023, when the gross profit margin of the domestic market was only 18.10%, Shanhe Intelligence's gross profit margin in the international market reached 35.63%, an increase of 1.79 and 7.89 percentage points respectively over the same period last year.

The reporter learned through the inquiry financial report that the difference between Sany heavy Industry (600031) (SH600031, share price 16.91yuan, market value 143.5 billion yuan) and Zoomlion heavy Industry (000157) (SZ000157, stock price 8.44yuan, market value 73.242 billion yuan) of Hunan's other engineering equipment enterprises last year was not as big as Shanhe Intelligence's. For example, the gross profit margin of Sany heavy Industries in the domestic market is 23.04%, while that in the international market is 30.78%. The corresponding figures of Zoomlion are 24.66% and 32.23%, respectively.

Therefore, in the inquiry letter of the Shenzhen Stock Exchange, Shanhe Intelligence is required to combine the product types, unit price and cost structure of overseas business and domestic business, to explain the reason and rationality of the difference in sales gross profit margin at home and abroad, and to explain the reasons for the rapid growth of overseas income in combination with the five major customers nearly three years ago.

With regard to solvency, the inquiry letter pointed out that Shanhe Intelligence reported an asset-liability ratio of 77.21% and a current ratio of 1.49 at the end of the period. By the end of 2023, the company's short-term loans and non-current liabilities due within one year are 3.64 billion yuan, and long-term loans are 6.267 billion yuan. The amount of interest-bearing liabilities of the company is significantly higher than the scale of unrestricted monetary funds. "Please analyze whether there is a risk of debt repayment and explain the reasons for it in the light of debt maturity and available funds in the past year." This is mentioned in the inquiry letter.